HOW TO PAY FOR TUITION: A BEGINNER’S GUIDE TO FINANCIAL AID AND SCHOLARSHIPS
Whether you’re in the early stages of college, or you’re well on your way, it’s a good idea to think about ways to reduce college tuition. While you may need some planning and time, your future self will thank you when your student loan debt is reduced!
Read on – we’ve outlined the best ways to pay for college below.
MPOWER Pro-tip 1
Make the most of your tuition savings. Use the extra money to pay off your student loans, give your savings account more cushion, or start investing. One of our favorite investing platforms is WiseBanyan – a free financial advisor to help you maximize your wealth. Even if you still have debt, saving up early for big goals like retirement can have a huge impact on your future.
How does the scholarship work?
Scholarships are usually awarded by universities or outside agencies based on community involvement or activity, academic achievement, or athletic achievement. Obtaining scholarships can greatly reduce college costs, as they do not need to be repaid.
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Here are the basics:
- The scholarship application process generally varies. Be sure to check with your school and external agencies for their specific application procedures.
- Your school may award you a scholarship when you receive your initial offer of admission, or it may be offered in the next semester.
MPOWER Pro-tip 2
Use online tools like Fastweb or Scholly to take advantage of scholarship opportunities.
MPOWER Pro-tip 3
Make sure you meet the academic and/or athletic requirements to qualify for the scholarship offered to you.
MPOWER Pro-tip 4
Small scholarships add up! Don’t overlook scholarships that only offer a few hundred or thousands of dollars. They can pay you for a year’s worth of food or books, reducing your overall costs considerably.
How does financial aid work?
The world of financial aid can be difficult to navigate—but if you’re a qualified student, it’s well worth your time to submit a free financial aid application.
Here are the basics:
- To receive financial aid, you need to be an eligible student.
- To apply, you must complete and submit the Free Application for Federal Student Aid (FAFSA).
- Your school’s financial aid office will be able to help guide you through the application process.
- Financial aid comes in three forms: work-study, grants, and loans.
- Work-study is the money you get when you take a part-time job attached to the university while you are taking classes.
- Grants provide funds that do not need to be repaid.
- Loan repayments do need to be repaid, usually with interest.
MPOWER Pro-tip 5
They might be schools worth looking into.
MPOWER Pro-tip 6
Please be before the FAFSA deadline to receive the maximum amount of aid.
What if financial aid and scholarships don’t cover everything?
Private student loans are a useful way to pay for tuition and other school-related expenses after you’ve exhausted your scholarship and financial aid options. Make sure to consider all the variables of private student loans: school payments vs. deferrals; no co-signer required, and no U.S. co-signer required; fixed vs. variable rates.
Consider your options so you can find the loan that best suits your needs. MPOWER loans do not require a co-signer or credit score and have a fixed interest rate for the life of the loan. We provide borrowers with free financial literacy courses and personal career counseling. MPOWER was founded by professionals who struggled to pay for themselves – so we know funding your education can be tough. The entire team at MPOWER is dedicated to helping you on your path to success!
